Monday, September 29, 2008

Why I am Against the Bail Out

At first I thought a bailout would resemble socialism. Now I think it would more closely resemble a wealth grab in an economic dictatorship.

The market leading managers and CEO's abandoned the basic rules of economics by obscuring worthlessness with complexity and then tried to abdicate all responsibility for their exploitation. They want to siphon off wealth with reckless disregard for their fellow citizens and then want tax payers to be burdened with their golden parachutes, bad debts and recapitalization of their banks and "investment/ financial institutions".

Lincoln looks angry!

Capitalism is not a dictatorship where wealthy people may irresponsibly give loans to people who can't afford them then sell those loans as commodities as if they are guaranteed valuable assets then expect everyone to reward them for their failure.

In Capitalism, when people fuck up they should fail.

If the average citizen messes up and gets fired, they walk away with no severance pay, no help, no bail out or promises. Not even a silk parachute, or some kneepads.

Many of these failures are of the Enron "Criminal" variety and will result in jail time. I think such prosecution should also result in the seizure and sale of the assets of these criminals. Where is your retirement? It's in some 24 million dollar Florida mansion to which some CEO will happily resort when his 2 year sentence is commuted to 6 months for time served and "good behavior".

Or worse, it's over seas where you will never see it again.

Will the IRS put a lien on that CEO's mansion for the taxes you owe, that you spent to heat your house while you were unemployed? No! They will come to YOU for that, as if the failure of your employers company was down to your job skills or behavior.

Lots of work isn't worth what people are paid. Alan H. Fishman of Washington mutual did not contribute enough to the society by holding the wheel of a sinking ship for 3 weeks to earn $11 Million dollars in a "Golden Parachute". Fuck that! You fail, you get fired. Learn something, move on. Hopefully some other CEO didn't rape your 401k for his beach house.

Maybe a better society is possible, one not based on greed and destroying wealth and resources for one's own over-consumption. I don't think any of the communist dictatorships of the world got it right either.

Though sometimes, a more socially aware society seems like a better way. If you sew and reap you may eat. If you cannot reap but you can make something someone needs, or serve them in some way they need, you may be compensated to a reasonable proportion with food and shelter. If you are too helpless to contribute, your basic needs will be provided.

Capitalism is sometimes so cruel and ignorant to the plight of humanity occupying a 7,926 mile diameter space ship (Earth) with limited resources. It's not all about one person having every luxury. It's about the survival of us all (arguments against over-breeding in another posting).

The wealth of the planet belongs to all! This system of veiled theft is bad enough. We are already on the hook for 500 billion or more in bailout money for the banks and mortgage firms we plan to save. The 700 billion on top of it would just reward the crass, corrupt wealth sucking machine on Wall Street for failure. It would represent the largest imaginable burglary of tax payer, citizen wealth to private already corruptly wealthy banks, managers and CEO's.

CEO pay is justified by returns, so it actually rewards exploitation and law-breaking if the increase is good

What they couldn't get by gouging my 401k they'll get from the investment IRA I rolled it into, beautiful!

Wasn't most of America's wealth already confined to a small percentage at the top before this crisis? What do they want now, the rest?

Where will it come from?

You and I will be working our asses off without reward for years to pay these bastards even more money from the taxes on our labors. If you ask me, It's a goddamn coup de ├ętats and we just became serfs, to one degree or another.


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